News & Events

512 Resettlement suites handed over, making way for Thu Thiem New Urban Zone

16/09/2011 • Projects

June 18th, 2011, Nam Rach Chiec Limited Company, a joint venture between Tien Phuoc JSC, Tran Thai Company, and Flemmington Investments (belonging to Keppel Land Singapore) announces the hand-over of 512 Lot-N suites to resettlers.

512 Resettlement suites handed over, making way for Thu Thiem New Urban Zone

Nam Rach Chiec Limited Company is the investment owner of the resettlement project involving 1,844 new apartments in District 2’s An Phu – Binh Phu Ward. The hand-over, aimed at providing accommodation to local resettlers who used to occupy the premise of Thu Thiem New Urban Zone, includes 512 apartments belonging to two 18-floor Lot-N blocks. Construction was initiated on the same day with the New Urban Zone (November 28th, 2008) and finalized on May 31st, 2011.

According to the signed agreement, Nam Rach Chiec Limited Company is liable to build 1,844 relocation apartments to clear the pathway for upcoming Thu Thiem New Urban Zone. The applicable mode of execution is something called “socialization funding scheme,” in which project budget is not allocated directly from state fund but withdrawn from corporate financing plans. The government will discharge loans to financiers by granting them land acres in other areas. This is the first resettlement project to have cooperation between state authorities and foreign-invested corporations.

“It is our honor to be a part of this new innovative partnership between public and private sectors,” says Mr. Nguyen Thanh Lap, Chairman of Consulting Committee, Nam Rach Chiec Company, during the event, “Nam Rach Chiec Limited Company is built upon the foundation of capability, experience, reliance, and partnership mutual power, and we always desire to play an essential part in the invigoration of Vietnam city life. We have finished building 512 relocation apartments and will continue to develop the whole package amounting to 1,844 suites to cater the needs of resettlers in An Phu – Binh Khanh Ward.”

The Lot-N 512 apartments feature enhanced construction painstakingness and eminence, compared to previous projects of the same manner. Suites are categorised into two types: one-bedroom suite (46.9 m2) and two-bedroom suites (60.9 m2). All eligible resettlers have received their new homes by means of lucky draw method. Mortgage plans are flexible: lump-sum payment or 10-year installments. 

“With over 2 decades of market presence in Vietnam, we share the honor as a trend-setter and standard establisher in this country,” says Mr. Linson Lim, Keppel Land International Limited Vietnam’s Regional President, who is heading Vietnam, Thailand, and the Philippines markets, “We have involved in a number of high-quality construction projects aimed at creating an innovative and fulfilling work-life balance environments for local communities.” 

Following the ceremony, the responsible resettlement agency takes their charge to help new owners of Lot-N apartments move in immediately. District 2 Public Service Company Ltd. will be in charge as a superintendent partner.